Economic Growth In The Eurozone And On The Balkans: A Cointegration Analysis

Abstract

The global financial and economic crisis of 2008 and in particular the ensuing debt crisis in the euro area in 2009 affected both the economic growth in the euro area and the economic growth in almost all Central and Eastern European countries, including, although to a lesser degree, the Balkan countries. This lower degree of interdependence between most of the Balkan economies and the Eurozone countries is exactly the reason for this study, which aims to determine whether there is a long-term relationship bet-ween the economies of the Balkan countries and the Eurozone in general through a co-integration analysis.